IONQIonQ, Inc.
Industry Quantum Price 23 Oct 2026
If management hits its targets, one share in 12 months
$31.27 → $44.60
Promises vs. what happened
14 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| FY25 revenue $75-95M | Q4 '24 | $130.0M, with acquisitions | Held |
| 2-qubit fidelity over 99.9% | Q3 '24 | 99.99%, via Oxford Ionics | Held |
| Tempo #AQ 64 in 2025 | Q4 '24 | reported Nov '25 | Held |
| SkyWater closed Q2-Q3 '26 | Q4 '25 | closed 31 Jul '26 | Held |
| Capella and Lightsynq deals | Q1 '25 | both closed '25 | Held |
| 100-256+ qubits in 2026 | Q2 '25 | 100 now; 256 slips to '27 | Late |
| Gate speed 300 µs in 2025 | Q3 '24 | never reported again | Dropped |
| 3:1 error correction on Tempo | Q3 '24 | dropped after Q2 '25 | Dropped |
| $65B market by 2030 | Q3 '24 | dropped from Q3 '25 | Dropped |
| FY26 revenue $225-245M | Q4 '25 | raised to $280-290M | Open |
| FY26 organic growth over 100% | Q1 '26 | softened to '100%'; no dollar figure | Open |
| 10,000 qubits in 2027 | Q2 '25 | still in design | Open |
| 2M qubits by 2030 | Q2 '25 | largest machine 100 qubits | Open |
| Q-Day about 3 years away | Q1 '26 | now 'as soon as 2029' | Open |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
QubitsPage one since Q2 '26
RevenuePage one since Q4 '24
Market sizeOff page one Q3 '25
NetworkingOff page one Q3 '25
PlatformFirst seen Q4 '24
CashOff page one Q4 '25
Ion vs rivalsFirst seen Q3 '24
SkyWaterNew Q4 '25 · Page one since Q2 '26
Q-DayNew Q2 '25 · Page one since Q2 '26
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Technical roadmap and qubit scale
“Scaling Goal 12 Months Early”
Deck IonQ Investor Updates, November 2024 · p. 4 ·
Technical roadmap and qubit scale
“Scaling Goal 12 Months Early”
Deck IonQ Investor Updates, March 2025 · p. 4 ·
Technical roadmap and qubit scale
“Unlocked by Lightsynq1 1,000,000s of qubits 100 qubit system upcoming 64 #AQ”
Deck IonQ Investor Updates, May 2025 · p. 4 ·
Technical roadmap and qubit scale
“Roadmap: 2M Qubits/ 80K Logical Qubits by 2030”
Deck IonQ Investor Updates, August 2025 · p. 7 ·
Technical roadmap and qubit scale
“Clear roadmap to 80,000 logical qubits by 2030”
Deck Q3 2025 Business & Financial Highlights · p. 4 ·
Technical roadmap and qubit scale
“QPUs enabling 1,600 logical qubits in 2028 and 8,000 in 2029 3”
Deck Q4 2025 Business & Financial Highlights · p. 7 ·
Technical roadmap and qubit scale
“Architectural Blueprint For Fault-Tolerant Quantum Computing”
Deck Q1 2026 Business & Financial Highlights · p. 7 ·
Technical roadmap and qubit scale
“First Fully Featured and Integrated 256-qubit Chips from SkyWater”
Deck Q2 2026 Business & Financial Highlights · p. 3 ·
Revenue growth and guidance
“Exceptional Track Record of Revenue Growth”
Deck IonQ Investor Updates, March 2025 · p. 5 ·
Revenue growth and guidance
“Exceptional Track Record of Revenue Growth 5”
Deck IonQ Investor Updates, May 2025 · p. 5 ·
Revenue growth and guidance
“Exceptional Track Record of Revenue Growth 8”
Deck IonQ Investor Updates, August 2025 · p. 8 ·
Revenue growth and guidance
“First pure-play public quantum business to guide to triple-digit revenue for FY25”
Deck Q3 2025 Business & Financial Highlights · p. 3 ·
Revenue growth and guidance
“First public quantum company to report”
Deck Q4 2025 Business & Financial Highlights · p. 4 ·
Revenue growth and guidance
“Strong First Quarter 2026 Results Driving”
Deck Q1 2026 Business & Financial Highlights · p. 4 ·
Revenue growth and guidance
“Fifth consecutive record-setting quarter, with revenue of $80.1 million and 287% YoY growth”
Deck Q2 2026 Business & Financial Highlights · p. 3 ·
Market size (TAM and economic value)
“TAM By 2030 2”
Deck IonQ Investor Updates, November 2024 · p. 4 ·
Market size (TAM and economic value)
“TAM By 2035 1”
Deck IonQ Investor Updates, March 2025 · p. 5 ·
Market size (TAM and economic value)
“TAMS By 2035 1”
Deck IonQ Investor Updates, May 2025 · p. 5 ·
Market size (TAM and economic value)
“TAMs By 20351”
Deck IonQ Investor Updates, August 2025 · p. 8 ·
Quantum networking and the quantum internet
“Building the Quantum Internet with”
Deck IonQ Investor Updates, March 2025 · p. 29 ·
Quantum networking and the quantum internet
“Networking Strategy”
Deck IonQ Investor Updates, May 2025 · p. 4 ·
Quantum networking and the quantum internet
“The LEADER in Quantum Computing and Quantum”
Deck IonQ Investor Updates, August 2025 · p. 7 ·
Quantum networking and the quantum internet
“Building the global quantum internet for distributed computing and secure communications”
Deck Q3 2025 Business & Financial Highlights · p. 5 ·
Quantum networking and the quantum internet
“Real world quantum networks operating today”
Deck Q4 2025 Business & Financial Highlights · p. 6 ·
Quantum networking and the quantum internet
“National quantum networks in Poland, Romania, Slovakia and Geneva”
Deck Q1 2026 Business & Financial Highlights · p. 11 ·
Quantum networking and the quantum internet
“The only quantum networking platform intended to support connections between all qubit modalities creating the first-ever quantum internet.”
Deck Q2 2026 Business & Financial Highlights · p. 4 ·
Full-stack platform built by acquisition
“IonQ Signs Definitive Agreement to Acquire a Majority Stake of ID Quantique”
Deck IonQ Investor Updates, March 2025 · p. 34 ·
Full-stack platform built by acquisition
“Pending acquisition of Lightsynq signed in May 2025”
Deck IonQ Investor Updates, May 2025 · p. 21 ·
Full-stack platform built by acquisition
“Integrating World-Class Talent & Technology 11 *Announced intent to acquire Oxford Ionics on June 9, 2025”
Deck IonQ Investor Updates, August 2025 · p. 11 ·
Full-stack platform built by acquisition
“Computing 02 The Only Quantum Platform Company In the World”
Deck Q3 2025 Business & Financial Highlights · p. 5 ·
Full-stack platform built by acquisition
“5 01 The Only Full-Stack Quantum Platform Company”
Deck Q4 2025 Business & Financial Highlights · p. 5 ·
Full-stack platform built by acquisition
“5 01 A Leader in Every Quantum Product Family”
Deck Q1 2026 Business & Financial Highlights · p. 5 ·
Full-stack platform built by acquisition
“IonQ Is The Only Quantum Platform Company That”
Deck Q2 2026 Business & Financial Highlights · p. 4 ·
Balance sheet and capital raised
“$383M”
Deck IonQ Investor Updates, November 2024 · p. 4 ·
Balance sheet and capital raised
“$364M”
Deck IonQ Investor Updates, March 2025 · p. 5 ·
Balance sheet and capital raised
“$697M”
Deck IonQ Investor Updates, May 2025 · p. 5 ·
Balance sheet and capital raised
“$1.6B”
Deck IonQ Investor Updates, August 2025 · p. 8 ·
Balance sheet and capital raised
“Strongest financial position with”
Deck Q3 2025 Business & Financial Highlights · p. 3 ·
Balance sheet and capital raised
“~$3.3B”
Deck Q4 2025 Business & Financial Highlights · p. 9 ·
Balance sheet and capital raised
“Cash & Equivalents $3.1B 1. Adjusted EBITDA and Adjusted EPS are non -GAAP financial measures and are reconciled to net loss and GAAP EPS, the closest comparable GAAP measures, respectively, at the end of this presentation.”
Deck Q1 2026 Business & Financial Highlights · p. 13 ·
Balance sheet and capital raised
“$2.0 billion in cash and no debt funds R&D as we design our 256-qubit and 10K-qubit systems in parallel45 4 3 2 1”
Deck Q2 2026 Business & Financial Highlights · p. 13 ·
Trapped-ion economics against superconducting rivals
“Architecture is the Winning”
Deck IonQ Investor Updates, November 2024 · p. 10 ·
Trapped-ion economics against superconducting rivals
“Architecture is the Winning”
Deck IonQ Investor Updates, March 2025 · p. 11 ·
Trapped-ion economics against superconducting rivals
“Our Winning Architecture”
Deck IonQ Investor Updates, May 2025 · p. 11 ·
Trapped-ion economics against superconducting rivals
“BOM Cost Est. at Full Fault Tolerance <$50M per Machine >$1B per Machine N/A (No Fault Tolerance) >$1B per Machine”
Deck IonQ Investor Updates, August 2025 · p. 18 ·
Trapped-ion economics against superconducting rivals
“IonQ's estimated BOM costs are 30X less expensive than competitors and are free of rare earth or bulk Helium-3”
Deck Q3 2025 Business & Financial Highlights · p. 4 ·
Trapped-ion economics against superconducting rivals
“IonQ's estimated BOM costs are 30X less expensive than competitors and are free of rare earth or bulk Helium-3”
Deck Q4 2025 Business & Financial Highlights · p. 7 ·
Trapped-ion economics against superconducting rivals
“Parallel-Gate Architecture”
Deck Q1 2026 Business & Financial Highlights · p. 6 ·
Sovereign supply chain and the SkyWater fab
“Sovereign Quantum Supply Chain with Trusted Fab 8 04 A Merchant Supplier to the U.S., Allies, and Partners”
Deck Q4 2025 Business & Financial Highlights · p. 8 ·
Sovereign supply chain and the SkyWater fab
“Sovereign Quantum Supply Chain with Trusted Fab 9 05 Supporting Mission-Critical National Initiatives”
Deck Q1 2026 Business & Financial Highlights · p. 9 ·
Sovereign supply chain and the SkyWater fab
“Closed Acquisition of SkyWater”
Deck Q2 2026 Business & Financial Highlights · p. 3 ·
Q-Day and quantum cybersecurity
“Problem: The RSA Vulnerability 38”
Deck IonQ Investor Updates, August 2025 · p. 38 ·
Q-Day and quantum cybersecurity
“Accelerate the Timeline to Q-Day”
Deck Q1 2026 Business & Financial Highlights · p. 10 ·
Q-Day and quantum cybersecurity
“Federal executive orders and an accelerating Q-Day reinforce the strategic importance of quantum technologies”
Deck Q2 2026 Business & Financial Highlights · p. 3 ·
What they keep talking about · 11
The themes that show up deck after deck, and the ones that disappear.
- Qubits
- In every deck; the measure moved from #AQ to logical qubits, and 10,000 qubits in 2027 left the roadmap slide in Q4 '25.
- Revenue
- On the headline slide from Q4 '24; every guide raised, but no organic split until Q1 '26 and then only as a percentage.
- Market size
- $65B by 2030, then $87B by 2035; gone when the decks shrank in Q3 '25.
- Networking
- From Q4 '24, after the Qubitekk and ID Quantique deals; national networks in Europe named from Q1 '26.
- Platform
- Deal announcements to Q2 '25, then 'the only quantum platform company': computing, networking, sensing, security, space.
- Cash
- On the headline slide to Q3 '25: $383M to $3.3B on stock sales; $2.0B pro forma after SkyWater.
- Ion vs rivals
- Bill-of-materials claim: under $50M a machine (Q2 '25), then under $30M and '30X less' than superconducting; absent from Q2 '26.
- SkyWater
- New in Q4 '25 as a 'sovereign supply chain'; on the headline slide once the deal closed.
- Q-Day
- An RSA-threat slide in Q2 '25; from Q1 '26 'about three years away', then 'as soon as 2029'.
- New
- Q1 '26: organic growth, RPO growth (as a percentage only), customers served. Q2 '26: non-GAAP cost lines.
- Quiet
- Gate speed gone after Q4 '24, #AQ after Q3 '25, market size after Q2 '25; RPO never given in dollars.
Every quarterly report we’ve saved · 9
The press releases and shareholder letters behind this page.
- Q2 2026 release · filed copy 5 Aug 2026
- Q1 2026 release · 8-K 6 May 2026
- Q4 2025 release · 8-K 25 Feb 2026
- Q3 2025 release · 8-K 5 Nov 2025
- Q2 2025 release · 8-K 6 Aug 2025
- Q1 2025 release · 8-K 7 May 2025
- Q4 2024 release · 8-K 26 Feb 2025
- Q3 2024 release · 8-K 6 Nov 2024
- Q2 2024 release · 8-K 7 Aug 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 17% | 12% | 9% | 8% | 21% | 7% | 32% | 50% |
| Growth & sales | · | 12% | 18% | 8% | 14% | 20% | 21% | 44% |
| Pricing & margins | 17% | 12% | 9% | · | · | 7% | 5% | · |
| Guidance & outlook | · | 25% | · | 8% | 7% | 27% | 11% | 38% |
| Capacity & supply | · | · | 9% | 8% | · | 7% | 5% | 12% |
| Capital & financing | 33% | 12% | 9% | 33% | 21% | 20% | 5% | 31% |
| Competition | · | · | · | · | · | · | · | 6% |
| Products & technology | 17% | · | 27% | · | 36% | 20% | 32% | 38% |
| Macro & regulation | 17% | · | · | 8% | 7% | 7% | · | 12% |
| Other | 67% | 50% | 55% | 58% | 43% | 47% | 42% | 25% |
| Questions | 6 | 8 | 11 | 12 | 14 | 15 | 19 | 16 |
Who’s in charge, who’s selling
read from the filings · 20 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 2 · worsening
Dilution by deal: shares +71% in 17 months, about 190M more signed
222.8M to 381.0M shares, Feb '25 to Jul '26. Since then 24.1M for SkyWater, 50M shares and pre-funded warrants plus 100M warrants at $69.46 sold in Oct '26, and Elisity agreed for $1.15B in stock: about 578-590M shares on what is signed.
Tier 2 · worsening
CEO paid $89.6M in 2025; targets reset mid-year; 46% against pay
In Aug '25 the board reset the revenue goals on every 2025 performance share and dropped two bookings goals from the bonus. Say-on-pay against rose from 35.8% (2025) to 46.3% (2026).
Tier 2 · worsening
CEO is chairman of a staggered board he largely rebuilt
Six of eight directors joined from Feb '24; three are not independent. A director left to be a paid adviser and came back counted as independent, on the pay committee. Changing the bylaws needs 66 2/3%.
Tier 2 · stable
The audit chair became CFO; three audit chairs in 2025
Inder Singh chaired the audit committee from Feb to Sep '25, then became CFO and COO. Acquired businesses with 39% of 2025 revenue were left out of the internal-control test; audit fees rose 333%.
Tier 2 · improving
Insiders sold $418.9M in two years, nearly all before Oct '25
The former CEO sold $269.3M; the CEO sold his partnership's whole $104.8M stake in Jun '25, three months into the job. $7.2M in the last twelve months.
Accounting rule changes 5 in 4 quarters
- Q3 '252021 revenue shown as $2.1M and 2022 growth as 429%; decks to Q2 FY25 showed $1.6M and 594%
- Q1 '26Adjusted EBITDA fair-value add-back widened from warrants to all recurring fair-value measurements
- Q2 '26Adjusted EBITDA and EPS also add back non-cash legal settlements and related costs ($5.7M in Q2 2026)
- Q2 '26Multi-product share now counts all revenue from customers buying more than one product
- Q2 '26Organic revenue defined as quantum computing products plus acquisitions made before 31 Dec 2024
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Pay (advisory)Executive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 22.2M | 39.5M | 46.3% |
| Chou (lead director, pay chair)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | — | 24.7M | 28.7% |
| Scannell (director, ex-adviser)A board seat. | — | 14.6M | 17.0% |
| Singh (then audit chair)A board seat. | 11.8M | — | 18.9% |
| de Masi (CEO)A board seat. | 2.0M | — | 3.2% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Oct '24-Oct '26 | Sold | Note |
|---|---|---|
| Chapman, former CEO | $269.3M | Dec '24 to Jun '25, 86% planned |
| de Masi, CEO | $105.9M | $104.8M on 11 Jun '25, his partnership's whole holding |
| Kramer, former CFO | $20.0M | left Sep '25 |
| Alameddine, former revenue chief | $12.6M | $4.7M days before leaving |
| Singh, CFO | $5.3M | Jun-Aug '25, while audit chair |